ATOM Plunges 5% as Altcoins Bleed – Make-or-Break Support Level Looms

Crypto's 'interoperability darling' isn't immune to the market's mood swings. ATOM just got smacked with a 5% drop—joining the altcoin slaughterhouse as traders flee to less risky bets.

Make-or-break moment: The charts are flashing a critical support test. Break below this level, and we're looking at a full-blown correction. Hold? That's your signal to buy the dip before the next leg up.

Funny how 'decentralized finance' still dances to Bitcoin's tune—guess some things never change on Wall Street's blockchain playground.

Technical Analysis Highlights

• 24-Hour Movement: ATOM fell 5.1% from $5.08 to $4.82 with a total range of $0.35 (6.8%).
• Peak Liquidation: July 23, 09:00-14:00 UTC saw volumes surge to 7.73M, well above the 1.11M average.
• Critical Support: $4.78-$4.88 zone showing accumulation on elevated volume.
• Intermediate Resistance: $4.98-$5.00 level faced multiple rejections.
• Institutional Pressure: Sustained breakdown below $5.00 signals distribution activity.
• Intraday Volatility: July 23, 13:10-14:09 UTC saw a sharp dip from $4.90 to $4.78, followed by a rebound to $4.81.
• Rebound Weakness: Recovery to $4.81 occurred on declining volume, suggesting possible exhaustion.

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